The Executive Governor of the Central Bank of Liberia(CBL), Henry F. Saamoi, has said the joint launching program of Financial Education Program And Roll Out Of The Pan-African Payment And Settlement and System marked a significant milestone in ‘‘our commitment to fostering a financially inclusive and technologically advanced economy.’’
Making remarks at the well-attended program at the Monrovia City Hall on Thursday, March 27, 2025, which was attended by President Joseph Nyuma Boakai and Several top government officials and partners, Mr. Saamoi said financial education and digital payment systems are twin pillars of economic empowerment, equipping citizens with knowledge, while providing them with the tools to transact efficiently within Liberia, across the Africa continent and beyond.
Mr. Saamoi, who on behalf of the Board of Governors and the entire CBL family extended heartfelt welcome to all those who graced the historic occasion, recognized and appreciated the dedication and support of their esteemed partners including the Office of Technical Assistance (OTA) of the U.S. Treasury Department for its continued technical expertise, the World Bank and the African Development Bank for their commitment to financial inclusion and economic development, the Ministries of Education and Gender for integrating financial literacy into their national development frameworks, the Female Journalists Association of Liberia (FEJAL) for its role in promoting financial awareness, and PERT Consultancy for conducting the critical research that informed our strategic direction.
‘Your contributions are invaluable, and we look forward to strengthening our collaboration as we move forward,’’ the CBL Boss stated. According to him, financial literacy is more than a concept—it is a driver of national prosperity. ‘‘An informed population makes better financial decision, leading to economic resilience and sustainable development.
A recent baseline study in eight of Liberia’s fifteen counties revealed that: 77% of respondents had never received financial education. They identified Budgeting, saving, and investing as top learning priorities. 84% preferred in-person training ng for better engagement,’’
‘‘It is in response to these findings that the CBL, in partnership with FEJAL, is rolling out financial literacy training across these counties, utilizing: Community workshops with local entrepreneurs and financial experts, Radio programs, town criers, and drama groups to engage rural populations, and Engagement with market women, motorbike riders, and youth groups to ensure grassroots impact,’’ the CBL Boss told the gathering.
The CBL Boss said this initiative will be expanded across the entire country, ensuring that every Liberian, regardless of location, has access to financial education. ‘‘At the CBL, we are excited to inform you that our financial sector is undergoing a massive transformation, driven by digital payment systems. Over the past year, we have witnessed remarkable growth in mobile money and digital transactions, reinforcing the critical role of technology in financial inclusion. Mobile money transactions surged to L$471 billion in 2024, up from L$421 billion in 2023. USD transactions via mobile money reached $3.47 billion in 2024. Cross-border transactions, a key component of PAPSS, grew by 17.7% in 2024 to $494.5 million. Liberia now has more than 3 million active mobile money subscribers, making it the dominant form of electronic payment in the country,’’ he said.
‘‘This evolution in digital payments is a direct result of the CBL’s policy focus to optimize technology for financial inclusion and economic growth. Our efforts to modernize Liberia’s financial system are yielding tangible results, bridging the gap between traditional banking and digital finance. Today’s event is even more significant as we officially launch PAPSS in Liberia. This system is a game-changer for intra-African trade, providing businesses with the ability to transact across borders seamlessly and efficiently in local currencies,’’ he stressed.
Mr. Saamoi said the benefits of PAPSS include eliminating reliance on third-party currencies, reducing transaction costs for businesses and consumers, minimizing exchange rate volatility, thereby stabilizing the economy, and accelerating trade by streamlining payment settlements.
‘‘Between the period June – December, 2024, PAPSS transactions in Liberia reached approximately L$37.7 million, with outbound transactions totaling about L$169.5 million. However, to fully harness its potential, we must drive awareness and adoption. To this end, CBL is launching a nine-month nationwide PAPSS awareness campaign, targeting: Commercial banks to facilitate integration and usage, Cross-border traders and SMEs to enhance their trade capabilities, and Border communities and economic zones to strengthen regional commerce,’’ Mr. Saamoi recalled.
‘‘We are committed to working with Afrexim bank and other African central banks to ensure that Liberia is an active participant in the continent’s financial integration. We will continue to leverage Strong Partnerships for driving a digital economy. Today’s launch is further strengthened by the commitment of two visionary African leaders: His Excellency, President Joseph Nyuma Boakai, Sr., whose leadership is supportive of economic reforms, financial stability and inclusive growth, and Professor Dr. Benedict Okey Oramah, President of Afreximbank, represented by the CEO of PAPSS, whose unwavering commitment to African trade and financial innovation has been instrumental in the success of PAPSS.’’
‘‘To Professor Oramah, we deeply appreciate Afreximbank’s support—not only in financing PAPSS but also in fostering economic diversification and trade growth across Africa. The CBL stands ready to collaborate fully in this initiative. As a Call to Action, let me reaffirm the CBL’s full commitment to these two landmark programs. Financial education and digital payments are not just initiatives—they are the foundation for a stronger, more inclusive drivers of sustainable economic development,’’ he continued.
‘‘To our small, medium, and large business communities, I urge you to embrace financial literacy. I encourage you to take charge of your financial future, and I implore you to leverage PAPSS to explore more business opportunities. To our partners, let us continue working together to ensure Liberia’s full participation in Africa’s digital payment transformation.’’
Meanwhile, Mr. Saamoi added that ‘‘today is a defining moment for Liberia’s financial sector. With the CBL’s focus on financial education for empowering our people and PAPSS connecting us to the rest of Africa through cross-border payments, I can confidently assure you that Liberia’s economic future in trade is bright.’’
